Ribo Life Science Files for Hong Kong IPO Amid Continued Losses and $700M+ Valuation, Backed by Leading siRNA Pipeline

Suzhou Ribo Life Science Co., Ltd. ("Ribo Life Science") has recently submitted a main board listing application to the Hong Kong Stock Exchange again, with the joint sponsors beingCICCWith Citigroup.

This is the company's second application following its first filing earlier this year, after a failed attempt to list on the STAR Market four years ago.

Ribo Life Science was founded in 2007 as a biotechnology company focusing on the research and development of small nucleic acid drugs, with a key emphasis on the siRNA therapy field. The company has established a world-leading siRNA drug R&D pipeline, currently possessing 7 self-developed drugs in clinical trial stages, covering 7 indications including cardiovascular, metabolic, kidney, and liver diseases, with 4 of them having entered Phase II clinical trials. The company's self-developed liver-targeting RiboGalSTARTM delivery technology platform provides critical technical support for multiple products at the clinical stage.

According to the Frost & Sullivan report, the company's core product RBD4059 is the world’s first and fastest-progressing siRNA drug for treating thrombotic diseases, achieving a reduction in thrombosis risk without significantly increasing the risk of bleeding by selectively inhibiting FXI. Additionally, the key product RBD5044 is the world’s second siRNA drug targeting APOC3 to enter clinical development, while RBD1016 is a leading siRNA candidate for treating chronic hepatitis B. Apart from its clinical-stage products, the company also has a pipeline of over 20 preclinical projects.

Financially, in 2023, 2024, and the first half of 2025, the company's operating revenues were 440 million yuan, 1.43 billion yuan, and 1.04 billion yuan, respectively; net losses for the same periods were 4.37 billion yuan, 2.81 billion yuan, and 97.77 million yuan, respectively. In the first half of 2025, revenue increased by 57.6% year-over-year, with losses narrowing year-over-year. As of June 30, 2025, the company had cash and equivalents of 358 million yuan.

Business Development Collaborations Become a Significant Revenue Source for the Company. In December 2023, the company licensed the rights of RBD7022 in Greater China to Qilu Pharmaceutical, receiving an upfront payment and milestone payments totaling over 700 million yuan; In January 2024, a collaboration and development agreement was reached with Boehringer Ingelheim, with a total deal value exceeding 2 billion US dollars.

The company's debt scale has increased, with total liabilities of 600 million yuan, 762 million yuan, and 942 million yuan for the years 2023 to the first half of 2025, respectively. The prospectus indicates that the company anticipates requiring substantial funds to support R&D and operations in the future, potentially necessitating additional financing through equity or debt.

According to Frost & Sullivan data, the global small nucleic acid drug market size is expected to grow from US$5.7 billion in 2024 to US$20.6 billion in 2029, with a compound annual growth rate of 29.4%. The siRNA market share increased from 6.2% in 2019 to 44.5% in 2024 and is expected to expand further in the future.

In terms of financing, the company has cumulatively raised 1.829 billion yuan from 2015 to 2025, with investments from well-known institutions such as Panthera Capital, SDIC Innovation, Hillhouse Capital, and Legend Capital. After the E3 round of financing in 2025, the valuation reached 5.02 billion yuan, approximately 11 times the valuation of the first round.

The equity structure shows that Dr. Liang Zicai and other concert parties collectively control approximately 29.91% of the shares. Other major shareholders include the Advanced Manufacturing Fund (8.52%), Panlin Capital (6.69%), Legend Capital (6.49%), etc.

The proceeds from Ribo Life Science's IPO will mainly be used for the clinical development of its core products RBD4059, RBD5044, and RBD1016, advancing preclinical pipeline assets, strengthening technology platform construction, and replenishing working capital.